More time needed for figuring taxes, IRS predicts
Taxpayers need 28 1/2 hours to complete an average tax return with itemized deductions and income reported from dividends, interest and capital gains, the government estimated. [ http://www.msnbc.msn.com/id/4749056/ ]
I use Intuit’s Turbotax to do my tax return. What drives me nuts is that I really can’t say that I even begin to understand how the numbers are calculated. Sure, I could go through the IRS instructions and verify the calculations by hand. I’m just not willing to actually spend the 28.5 hours they are saying that are required to do all that. Instead, the whole process took around 8 hours, with two hours of that from a set-back where I lost work in Turbotax when I didn’t save the file after editing one of the forms directly.
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I must admit that electronic filing, although it costs nearly $30 for both state and federal, does get refunds deposited in my account a lot faster than the printed copy would.